Last updated: September 25, 2026, 2:06 PM ET
Bonds
The global bond sell-off showed tentative signs of easing, but yields remained near multi-year highs. US long-term borrowing costs touched their highest level since 2004, straining public finances after a brutal sell-off in Treasuries. Treasury volatility is headed for its biggest jump in more than a year as bonds churn. Yields stabilized but remained close to recent multiyear highs, while a measure of volatility surged. Many bond investors are facing a world they have never seen before, with yields at 5% potentially the new norm. Analysts warn that the respite for debt markets remains tentative given changing supply and demand dynamics. The selloff paused, and stocks edged higher as market sentiment cautiously improved. Borrowing costs moved abruptly higher in a “bond bombshell.” An editor argues active bond funds that claim to beat the benchmark often have hidden risks driving returns. One bond investor says thinking about investing in French bonds brings to mind Greece in 2010. The surge in US Treasury yields is threatening the popular EM carry trade, with Citi pulling back. Mortgage rates have hit 7% as the Iran war fallout crushes a weak housing market. Borrowing costs are soaring, but they are not slowing a robust US economy, which is powering through rate hikes. Some editors argue high yields on US government debt look like the new normal. Rising interest rates are causing alarm; here is what to know. Asian bond yields rose despite an oil decline as caution reigned. One commentator says bonds can keep falling—it is easy to explain but hard to live with. Bond traders are paying too much attention to the oil price.
Equities
US stocks climbed as oil and Treasury yields pulled back from recent surges. The final stretch of a jittery week saw a rebound as oil cooled. Stocks climbed back to par, with bond volatility and rising crude prices in focus. European stocks are set for their first weekly gain in four as oil eases. The Nikkei rose 0.5%, led by bank stocks. Meta Platforms is on the cusp of $2 trillion in its best month since 2013. US stock futures nudged higher as market sentiment steadied at the end of a turbulent week. A raging conflict in the Middle East and rising yields weighed on US stocks. US long-term borrowing costs touched their highest level since 2004, straining public finances. The FTSE 100 is set for a rebound, with sterling close to $1.32. Cineplex is likely to receive offers for half the price of its 2019 bid. A selloff in shares of India’s PB Fintech and Turtlemint deepened on Friday as their outlook worsens. The most-shorted US stocks are rallying despite rising rates. The owner of Poundland is demanding £30mn for a chain it bought for less than £1. Goldman Sachs earned more than $200mn in fees from hedge fund Situational Awareness. A hedge fund with a 235% return says the gold decline is temporary. Turkey’s fund-industry crisis is inflicting heavy losses on small caps. AI is supercharging stock scams. European retail stocks are set to struggle as risks for consumers grow. David Beckham took a $51mn dividend as World Cup deals lifted earnings at his company. Costco reported higher fourth-quarter profit and revenue on resilient consumer spending. The NSE gained share as its CEO sees an end to India’s derivatives crackdown.
Commodities
Oil prices fell back in Asian trade as traders weighed headlines around the Strait of Hormuz. Oil slid as US and Iranian negotiators were said to be exploring a phased deal. Oil prices fell Friday after rising sharply in the previous session, with hopes for a deal to reopen the Strait of Hormuz. Oil futures posted back-to-back gains on escalation concerns from Houthi attacks. The Houthis have promised not to target European ships, as container shipping through the key Bab al-Mandeb Strait reaches highs. Oil prices rose a day after a sharp sell-off in government debt. Iran proposed a 7-day plan to end the war, including reopening the Strait of Hormuz. US natural gas futures fell, giving back some of the previous session’s gains. US natural gas futures rose sharply on a pipeline outage, posting their biggest single-day gain since January. Grains tumbled in Chicago after the Trump-Xi summit offered few details on agriculture. Gold futures were on track for a 2% weekly loss on a stronger dollar and hawkish Fed expectations. Gold tilted lower as the Iran impasse continued to fan rate-hike bets. Gold futures settled lower as US yields rose. A hedge fund says the gold decline is temporary. South America is now big oil’s top hunting ground. Paraguay is increasing beef exports to the US. El Niño is set to crimp palm oil output in 2027, squeezing supply. The Netherlands wants to scrap mandatory gas storage targets under a revamp of EU supply security rules. A US diesel export ban may not lower prices; an editor argues it would inevitably drive prices higher. The debate over a diesel export ban is giving Europe whiplash.
Currencies & Rates
The dollar’s best rally since March has legs as fortunes shift, heading for its best two-week stretch in six months. The yen rose as Japanese officials said the weak currency is a problem, headed for its best day in almost three weeks. Trump raised the weak yen in talks with Japan finance minister Satsuki Katayama. Trump expressed concerns about yen weakness during a recent meeting. Goldman Sachs expects the yen to appreciate to 150 per dollar. Asian currencies consolidated against the dollar as Treasury yields hit new highs. India’s foreign exchange reserves dropped by the most in almost two years as the central bank supported the rupee. Argentina’s 10% yields are tempting bond buyers as election risks build.
Energy & Infrastructure
BASF has made a takeover approach for chemicals rival Evonik, a significant step in consolidating Europe’s fragmented chemicals industry. The German company entered initial talks over a takeover of the smaller peer. BP is considering buying Devon Energy’s South Texas assets. Italy will convene its oil refining industry next month to discuss boosting fuels output. Zambia will resume allowing open access to its sole fuel pipeline by January. The UAE halted Iranian flights over US sanctions. DP World is shifting routes as costs from war disruptions rise. The CEO of DP World is scrambling to build alternative supply routes around the Port of Jebel Ali. Russia is expanding its fleet as a crackdown on stateless vessels intensifies. The shale wildcatter Scott Sheffield is lambasting Exxon after its $60bn takeover of Pioneer. Sheffield accuses the Exxon chief of a “smear campaign” to stop him joining the board. An editor writes that the 2026 diesel wars could lead to prison over bad regulation. A California startup is using 3-D printing to help make gas turbines.
Banking & Finance
Banks are tapping billions in Bank of England repo cash to profit on bond trades. Bank lending to eurozone businesses halved in August, a sign of rising borrowing costs. SEBI allows portfolio managers to invest overseas and short equity options. At least 10 senior bankers at ANZ Group are leaving the firm by October. Romania’s “blood for bonds” program is luring retail investors. SoftBank paid yields of up to 9.75% to raise more than $11bn in a record junk bond sale to fund its OpenAI bet. The US seized bank accounts of a payments group linked to Tether. Pimco is facing a $35 million loss on a Philadelphia office complex. Blackstone’s insurance plans will help London, if not its old guard. The Federal Reserve unveiled proposals for stablecoin issuers. The Fed faces the prospect of another interest rate increase just before the midterm elections. Prospect Capital is targeting a yield of about 8% on its first junk-bond sale. Actis merged 11 road assets from two funds into a $1 billion infrastructure trust. South Africa’s newest lender seeks to take on banks and insurers.
Geopolitics & Regulation
The Trump-Xi summit masked deep divides between the US and China. Flyovers and pandas masked the divides at the summit. China’s truce with Trump buys it valuable time to tackle economic troubles. Xi Jinping didn’t bring a CEO entourage, sending a signal about China-US relations. Trump hosted China’s leader for a state visit, where tech titans mingled. The White House state dinner menu included sea bass and bok choy. The full guest list for Trump’s state dinner with Xi included Jeff Bezos, Elon Musk, Jensen Huang, Sam Altman and Tim Cook. The Trump administration seeks to stabilize ties during the summit. Trump, Xi and the tech moguls gathered for the state visit. The Supreme Court allows an expansive voter screening tool ahead of the midterms. The Trump administration asks the Supreme Court to allow deportations to third countries. Florida charged 20 people with voter fraud. The Justice Department scrapped dozens of school desegregation cases. The White House restored access to three outlets Trump banned after a federal judge lifted the ban. CNN and CBS resumed White House coverage after a standoff. The White House still bars CNN, MS NOW and Politico despite the court order. Conservative outlets offer Trump a feed while the White House TV pool is suspended. Pope Leo signaled support for journalists targeted by Trump. The Senate defeated a bid to direct Trump to end the Iran war or seek approval. Netanyahu denounced Israel’s critics as “moral cowards” at the UN. Netanyahu was warned by the Emirati leader about a Hamas attack before Oct. 7. Houthis promised not to target European ships. France sent soldiers to Saudi Arabia to help secure energy sites. About 100 were arrested in protests against Netanyahu. Abbas pressed the case for a Palestinian state in a taped UN address. A US government ad aired a pro-Trump, anti-communism message. The “Love Me” ad promotes Trump with public money ahead of the midterms.
Tech, AI & Telecom
Bill Gates warns AI could cause “a billion deaths.” A cheap new AI model from start-up Type Safe AI is taking aim at OpenAI and Anthropic. Anthropic’s AI is teaching itself biology and made its first discovery: a group of enzymes. Anthropic agreed to pay Akamai Technologies $11.6 billion over seven years for cloud services. Is China really stealing AI from American companies? An editor argues AI is already doing amazing things for humanity. Another calls for the “Wild West” of AI to end with regulation. What can climate change and Covid teach us about AI doom? Cracks in Oracle’s AI data-center build-out appear in a massive New Mexico project. Oracle is on the hook to pay data center investors even if the site has no electricity. Lawyers are joining microchips on the list of data centre must-haves. OpenAI breached the Australian government, linked to a wider AI hacking campaign. The US intervened in Elon Musk’s legal challenge to an EU fine against X. Hollywood was cooked before AI, and now it’s only getting worse. The decline of Hollywood in the age of AI is the subject of a podcast. Muse powers Meta to the cusp of $2 trillion in its best month since 2013. SpaceX is pivoting away from space. Blue Origin is fueled with $30 billion of Jeff Bezos’ fortune. Bitget crypto exchange was hit by a $350mn hack consistent with methods of North Korean criminals. Adarx Pharmaceuticals raised $446.3 million in an upsized US IPO. The peptide boom is targeting big pharma’s most profitable markets. Pharma deal fever boosts a flurry of highly complex mergers. The costly gamble on AI’s next giants involves investors betting billions on neolabs without products. How can we tackle AI’s financial risks? Mark Zuckerberg is trying something on in terms of style. TikTok and Instagram creators have turned NYC into an unofficial soundstage. The Federal Council terminated a review of the Arch’s effects on historic sites.
Deals, M&A, IPOs
BASF made a takeover approach for Evonik. MGM Resorts is eyeing a bid for Barry Diller’s People Incorporated. Airbus offers divestments to secure Brussels backing for a space merger. The owner of Wellma, a Swedish food supplement firm, is seeking a €1 billion sale. The US seized bank accounts of Capstone, a payments group linked to Tether. Wall Street boutiques balk at Saudi Arabia’s HQ rules. Legal advisers on private capital deals pick up the pace. Leslie’s is preparing a Chapter 11 filing as soon as next week in Houston. Brightline, the private equity-backed Florida railway, filed for bankruptcy to slash $6bn in debt. Arcelor Mittal shuttered its Ukraine plant after Russian strikes killed workers, facing a $1bn impairment.
Politics & Policy
Republicans in Congress are pivoting ahead of expected midterm losses. Michael Whatley, the Republican Senate candidate in North Carolina, sticks by Trump. Abdul El-Sayed talks about his view for the future of the Democratic Party. Young Democrats are reviving politics through fun events. Alaskans are dismayed, but not moved, by Peltola’s treatment of her staff. In Alaska, rowdy members of Congress are a tradition. Lula plans to ban online betting and offer debt relief before the election. Milei rules out deporting Falkland residents if the UK cedes control of the islands. Burnham rules out an early UK election, signaling the vote is due in 2029. Burnham’s opposition to Heathrow expansion puts the third runway in doubt. Cambridge abandons plans to fully investigate its hiring of Jason Arday. The American Bar Association fights to keep its power to vet law schools. Haiti turns to Roger Stone to lobby the Trump administration. An FDA nominee faces a Senate hearing. The EU urges the UK to raise tariffs on Chinese cars to avoid “made in Europe” barriers. Brussels pushes Trump to maintain the “free flow” of diesel. Brussels warns capitals to tackle the energy crisis or see the far right take power. Brexit and Trump’s tariffs push the UK’s food and drink trade deficit to £21bn. Peter Hargreaves warns Britain cannot afford to lose more “big taxpayers.” The high-profile guest list for a recent dinner is noted. A former Connecticut housing chief was charged with fraud over a loan scheme. Dale Caldwell violated workplace policies, according to a report. Unused tents and uneaten food: a watchdog finds “waste” in the immigration crackdown. A quiet ICE surge unfolded “everywhere all at once” this summer. South Asians face surging racism in America. The world’s 80mn-kilometre power grid problem requires huge infrastructure investment. Rebuilding LA, the Eames way, is the inspiration for a new generation.
Auto, Transport & Industry
Auto & Transport roundup: market talk includes insight on Maersk, Canadian Pacific Kansas City, and Momenta. Manchester City was found guilty of 114 out of 115 charges for breaching Premier League rules. Australia’s rival football giants kick off a global growth push. Russia targets Ukraine’s data centres, causing internet disruptions. Russia wages “total war” on Ukraine’s economy through strikes, shortages and stagnation. Russian attacks destroy millions of books, the heart of Ukrainian culture. An opinion piece says Malaysia is a lifeline for Iran. The debate over a diesel export ban gives Europe whiplash. Why New Delhi is a battleground in the fight over Tata. Subway rival Jersey Mike’s bets hot sandwiches will sell in the UK’s “cold and rain.” Canada Goose is ensnared in Trump’s tariff war with Canada.
Real Estate & Consumer
Philippine home price growth hit a seven-year low amid weak demand. Chicago Public Schools lost 11,500 students, increasing the risk of budget cuts. Adding a child to your car insurance? Here are ways to hold down costs. Airline credit cards are screwing up the whole industry. Everyday brands help sell near-premium credit cards. The rise of the almost-premium credit card is reshuffling the market. How climate change is disrupting summer travel. A nor’easter could bring heavy rain, winds and flooding to the East Coast. Hurricane Nolo takes aim at Hawaii. A new film revisits one city’s deadly chapter of “To Catch a Predator.” How drinking affects your dementia risk. Brain science shows why 18 is too young for the death penalty. The viral In-N-Out spatula hero is exactly who you imagined he was.
Innovative Law & Society
Innovative Lawyers: Europe ranks the top 50 innovative law firms. The practice of law includes case studies of the most innovative work. AI shakes up in-house legal teams’ work practices. The business of law includes case studies of innovative services and delivery models. An intrapreneur wins an FT Innovative Lawyers award. Legal practitioners in a new era call for strategic skills. AI pressure grows for law firm business models. The AI wrecking ball fractures the billable-hour fee model. Pro bono legal help for the displaced is provided to fight back. An opinion piece argues that Trump’s fight with the White House press is a problem. The “What Could Possibly Go Right?” review explores the rise of Danny Meyer’s restaurant empire. Peak TV is explored through the NYT’s top 20 shows of the 21st century. How “The Sopranos” influenced the best TV shows of the 21st century. How the New York Times stays young after 175 years. This tiny village is picture perfect, apart from all the tourists. “America’s Bishop” was beatified; 50,000 Catholics showed up. Pope Leo XIV, trying to be everyone’s pope, tours secular France. Edward Lehner, who made dog owners pick “it” up, died at. Bob Pettit, NBA great for the Hawks, dies at. A Shale oil magnate says he sees warming on his New Mexico ranch. The world needs better power grids; why smaller may be better. Nobody talks about hard and soft data anymore; it’s old news. Kalshi’s embrace of sports betting tests rules for prediction markets. Massachusetts is investigating gambling companies’ use of AI. Desi Lydic roasts Trump for pulling out all the stops for Xi.